AFA leads industry groups
Dennis Bateman
The Association of Financial Advisers (AFA) has achieved the highest rating on overall performance in a survey of industry associations, beating the Financial Planning Association (FPA) and other financial services associations in the process.
Its overall performance also far exceeded the benchmarked average for the six surveyed associations in the 2007 Annual Professions Study by Melbourne-based Beaton Consulting.
Names of the surveyed associations are confidential, but reliable sources have told Money Management that it included the FPA, as well as the Australian and New Zealand Institute of Insurance and Finance, and the Institute of Actuaries of Australia.
Now in its fourth year, the survey found 82 per cent of members rated the AFA’s overall performance as ‘good’ or ‘excellent’ across a selection of drivers of performance.
Drivers included how an association provides leadership in the field, including building the public standing of its members, as well as how it supports the development of members’ knowledge and skills.
The survey benchmarked performance based on how members of each surveyed association rated its performance. Members were also asked to rate their association in comparison with the other surveyed bodies.
Beaton then confidentially told each surveyed association how the members of the other groups viewed their performance, on the basis of calculating a mean performance score for each association.
AFA national president Dennis Bateman said it was a “source of pride that the AFA had emerged tops on overall performance in one of the best benchmark studies in the financial services market”.
“We are on the right track, but there is no room for complacency as our members have told us there is more to do, specifically in the areas of education, web development and career structures.”
He attributed the results of the survey “to the hard work” of the previous AFA president, Michael Murphy, as well the association’s recent switch to a “more professional structure, including the appointment of a chief executive officer”.
The survey follows an in-house FPA survey, involving 2,600 members, which revealed its members believed it was not doing enough to promote the value of advice or the profession, among other findings.
Released in October last year, the survey found 93 per cent of members believed promoting the financial planning sector was important, but only 36 per cent rated its performance in this area as good.
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
